Apartment Choice

By Paul Norman - Friday, August 18, 2017 9:04 Global rental housing company Greystar has announced the appointment of Mark Allnutt to head operations in the UK, replacing Jeff Manno who is returning to the US to lead Portfolio Management for the new Greystar Growth and Income Fund. As UK business lead , Mark Allnutt will oversee 200 plus London-based staff and a property portfolio which includes student housing and multifamily rental accommodation across the country. Allnutt has been tasked with increasing Greystar’s UK multifamily portfolio to 10,000 units within four years and growing its student housing portfolio to position the company as one of the country’s largest owners and operators of rental housing . He joined Greystar in 2014 to launch the company’s multifamily business in London. Subsequently Greystar’s development pipeline has grown to over 2,750 units with a value of £1.5bn and the company has been involved in several of the largest propert...

RICHMOND, Va.--( BUSINESS WIRE )-- Landmark Apartment Trust , Inc. (“Landmark” or the “Company”), a multifamily real estate investment trust with assets located in select metropolitan areas throughout the Southern United States , announced today that it has entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which it will be acquired by Monument Partners, L.L.C. (“Monument”), an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) (“Milestone”), in an all- cash transaction valued at approximately $1.9 billion, including the assumption of existing debt. Upon completion of the transaction, Landmark will become a privately held company. Pursuant to the terms of the Merger Agreement, Monument will acquire all of the outstanding common stock of Landmark and all of the outstanding common units of Landmark’s operating partnership, Landmark Apartment Trust Holdings, LP, for $8.17 per share or...

MCKINNEY, TX - MIG Real Estate , a Newport Beach, California- based real estate investment company , has completed the acquisition of Regency at Stonebridge Ranch , a 301- unit luxury townhome apartment community in McKinney, Texas." MIG Real Estate recognized Regency at Stonebridge Ranch as an exciting opportunity to invest in a market with strong population and job growth," said Greg Merage, CEO of MIG Real Estate . "Regency at Stonebridge Ranch offers a unique package of luxury amenities and value-add potential through interior upgrades in an area where multifamily housing is in high demand." Regency at Stonebridge Ranch is located at 2305 S. Custer Rd. within the larger Stonebridge Ranch master - planned community in the Dallas, Texas suburb of McKinney. Situated six miles east of McKinney's historic downtown, residents have access to shops, restaurants and the McKinney Performing Arts Center . The community's location offers proximity to near...

Phoenix— Resmark Apartment Living has partnered with Westfield and Greystar to develop Deer Valley , a 344- residence apartment community in Desert Ridge, Ariz. “Desert Ridge, the master planned community where Deer Valley is located, truly represents the best of Phoenix, and the Deer Valley site is right in the midst of all it has to offer,” Ziv Cohen, Resmark Apartment Living ’s COO, tells MHN . “Great partnerships are one of Resmark’s key building blocks and an indelible part of our business. Our joint venture with Greystar and Westfield on this investment is consistent with that philosophy.” The almost 15 acre site is located at the northeast corner of East Deer Valley Road , west of north 56th street . The new project will be adjacent to major employers including the Mayo Clinic Hospital , Desert Ridge Marketplace and the JW Marriott Resort . Also nearby is the Scottsdale Airpark, home to approximately 50,000 employees and 2,600 companies, including national or regional hea...

New York- based Somerset Partners LLC has purchased Dogwood Creek , a 278- unit apartment community on Houston Levee Road in Collierville. G & I V Dogwood Creek LLC , a joint venture between Fogelman Venture Partners of Memphis and a fund managed by New-York- based DRA Advisors LLC , sold the community at a rate of $93,525 per unit—translating to a grand total of $26 million, reports the Memphis Business Journal . Built in 1997, the Class A garden style apartment complex had a 97 percent occupancy at the time of purchase and consists of one-, two- and three-bedroom units with an average surface area of 985 square feet. The property will undergo a value- add interior renovation led by Somerset Partners . Somerset Partners is a private investment firm with a portfolio of both commercial and multifamily properties and investments of over $1.6 billion since 2000. Seller G & I V Dogwood Creek was represented by the Memphis division of CBRE. In other multifamily news, Hunter...

It’s midnight on a Wednesday and you are trying to sleep, but all you hear is loud party music thumping and rattling your windows. For the third night — just this week — you have been kept awake by the party house next door. This situation is occurring in many of our neighborhoods, prompting residents to call my office pleading for help from the City Council to protect their quality of life and neighborhoods from the constant drumbeat of late night partying . Vacationers are just enjoying the best of San Diego while everyone else in the neighborhood has to get up early for work or school. The issue with short- term vacation rentals is the neighborhoo-altering proliferation in our once quiet neighborhoods. Addressing the issues of short- term vacation rentals and protecting neighborhoods has been one of my top priorities. It is important for readers to understand that we have specific zoning laws that allow for different types of uses in the different areas of the city of San Diego....

TH Real Estate, a subsidiary of TIAA, purchased The Atlantic at East Delray, a 228- unit community in Delray Beach, Fla. PS Vinings Owner LLC , a partnership between Pollack Shores and an affiliate of Heitman LLC, sold the property. According to the Daily Business Review , the asset traded for $54.3 million. Executive Managing Directors Avery Klann and Hampton Beebe, Director Jonathan Senn , Transaction Manager Matthew Scarola and Vice Chairmen Dick Donnellan and Marc deBaptiste, all from ARA Newmark, represented the sellers in the transaction. Located at 650 Lavers Circle, the Southeast Florida community is just east of Interstate 95 and close to retail options, the beach and the primary entertainment strip in Delray Beach, Atlantic Avenue. The property’s location provides access to major employment centers in both West Palm Beach and Boca Raton. Featuring luxury one-, two- and three- bedroom apartments , the 1996- built property includes various amenities, such as: A sand vo...

Wheelhouse offices fill about 12,000 square feet at 574 Santa Fe Drive . (Burl Rolett)" /> Wheelhouse offices fill about 12,000 square feet at 574 Santa Fe Drive . (Burl Rolett) A company charged with leasing nearly 100 apartment buildings around Denver is ready to buy a place of its own. Property manager Wheelhouse Apartments , along with its construction and commercial management wings , has moved to the former BillTrust building at Sixth Avenue and Santa Fe Drive with plans of buying a share of the office property in the next month. Wheelhouse owner Zvi Rudawsky said he was looking for a change from the firm’s previous space in a midrise office building at 90 Madison St. “We were in Cherry Creek before, and it was a good building and a good space, but it was much more corporate,” he said. “It worked well for us, but this really is just such a unique space and it fits our culture a lot better.” Wheelhouse Apartments , Wheelhouse Management and Wheelhouse Construction ...

DALLAS, TX - Pinnacle, one of the nation's leading multifamily management firms , announced today it has been awarded the management of Towns of Riverside, a 436- unit apartment community in Grand Prairie, Texas. Centrally located at 2803 Riverside Parkway, the property is set along the Highway 360 corridor between Riverside Golf Club and Great Southwest Industrial Park . The Class A community has convenient access to the Dallas/Fort Worth metropolitan area via major traffic arteries and is within minutes of a dense employment hub , DFW International Airport , the University of Texas at Arlington and world-class shopping, entertainment and healthcare."Pinnacle, in conjunction with ownership, is highly focused on elevating the resident experience at this community by making interior and exterior property upgrades to align this asset at the top of its submarket," explains Regional Vice President Toni Rials . "Post renovation, residents will enjoy updated kitchens ,...

Joyner Commercial announces the following transactions: Steve Greer and Matt Carter were the agents in the lease of 1,600 SF at 24 Vardry St., Suite 203, in Greenville to Jordan Construction. Ted Arnold was the agent in the sale 2,400 SF of warehouse space at 102 S. Moore St., Duncan. Wayne Smith and Hope Tz Schmalzl were the agents in the sale of the business at 2829 Gentry Memorial Highway , Pickens. Hays Reynolds was the agent in the sale of a restaurant at 110 W. Butler Road in Mauldin to White Horn LLC . Matt Carter was the agent in the lease of 1,281 SF of office space at 221 Cooper Lane, Easley, by Karick Development to Technoflex Inc. Cushman & Wakefield | Thalhimer announces the following transactions: Brian J. Young and Lyn Norton were the agents in the sale of two industrial buildings totaling 342 ,838 SF on 39.25 acres at 3001 N. Blackstock Road , Buildings 1 and 2, in Spartanburg, by RT Blackstock Complex LLC to Crimson Palmetto Holdings LLC . Charlie Whitmire was t...

Amelia Ridge, located in Cary, N.C. Texas & North Carolina —Elco Landmark Apartment Trust Holdings (doing business as Elco Landmark Residential ) has announced a series of transactions. Combined, the firm has added six properties (four in Texas, two in North Carolina ) to its portfolio. On Wednesday the company announced that it had partnered with DeBartolo Development and LEM Capital to acquire four garden- style assets located in San Antonio and Austin for approximately $44 million. Collectively, the Texas portfolio consists of 771 units that are 95 percent occupied. Elco plans to implement a renovation and repositioning program on the assets. “The acquisition of these assets is another example of our unique ability to source attractive investment opportunities in high- growth metropolitan markets located across the South,” says Joseph Lubeck, CEO of Landmark Residential . “We look forward to leveraging our redevelopment and repositioning expertise to improve the quality of e...

LAKE BLUFF, IL— Steadfast Income REIT Inc. announced Friday that it has purchased the 224- unit Deer Valley Apartments here for $28.6 million. The complex was built in 1991 and has average in-place rents of $1,179 per month, according to Steadfast. The garden- style community consists of 13 two- and three-story buildings and offers a mix of one- and two- bedroom apartments . About 70 percent of the units have been already renovated, and Steadfast plans to upgrade the remaining units when turning the units between residents. Amenities at each apartment include a stackable washer/dryer, secured intercom entry , large closets and private balconies or patios. Residents can also enjoy a renovated clubhouse and fitness center, pool with sundeck, business center and a picnic and barbeque area. This is the fourth property the REIT has purchased in Illinois. In 2010, it acquired Lincoln Towers in Springfield, and in 2012 it added The Moorings and Arr...

Ann Arbor-based real estate firm McKinley Inc . recently added another apartment complex to its extensive portfolio: Ironwood Place Apartments on Leslie Circle in Ann Arbor. McKinley purchased the 100-unit complex -- which is located off Huron Parkway on the city’s north side -- and now plans to integrate it with the neighboring 210-unit Traver Ridge Apartments . Among the plans: Operate both complexes under the Traver Ridge name, integrate the communities via walking trails and serve the residents of both complexes out of the Ironwood community center . McKinley Inc. is the new owner of Ironwood Place Apartments in Ann Arbor. Photo from mynewplace.com Both complexes have one-, two- and three- bedroom units. Rent ranges from $899 per month for a one-bedroom to $1,470 per month for a three-bedroom. McKinley CEO Albert Berriz said the occupancy levels at Ironwood are already “very strong” at upwards of 90 percent. He said because the complex is less than 10 years old, McKinley won’...